WAKEFIELD, MA--(Marketwire -07/27/12)- Franklin Street Properties Corp. ("FSP," "our" or "we") (FSP), an investment firm specializing in real estate, announced today that, based on the Current Report on Form 8-K (the "SEC Filing") filed by FSP 50 South Tenth Street Corp. (the "Company") with the U.S. Securities and Exchange Commission earlier today, the Company has repaid the $106.2 million mortgage loan made by FSP to the Company on December 29, 2011 in its entirety. According to the SEC Filing, the Company replaced the loan from FSP with a five-year, interest only loan from Bank of America, N.A. and RBS Citizens, National Association, with Bank of America, N.A. serving as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated serving as sole lead arranger and sole book manager. According to the SEC Filing, the Company fixed the interest rate on the new loan at 2.87% per annum.
This press release, along with other news about FSP, is available on the Internet at www.franklinstreetproperties.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.franklinstreetproperties.com.
About FSP 50 South Tenth Street Corp.
FSP 50 South Tenth Street Corp. was organized in 2006 as a Delaware corporation to purchase, own and operate the property located at 50 South Tenth Street, Minneapolis, Minnesota. Franklin Street Properties Corp. holds the sole share of FSP 50 South Tenth Street Corp.'s common stock. Between November 2006 and January 2007, FSP Investments LLC (member, FINRA and SIPC), a wholly-owned subsidiary of Franklin Street Properties Corp., completed the sale on a best efforts basis of 700 shares of preferred stock in FSP 50 South Tenth Street Corp. FSP Investments LLC sold the preferred stock in a private placement offering to "accredited investors" within the meaning of Regulation D under the Securities Act of 1933. In addition, FSP Property Management LLC, a wholly-owned subsidiary of Franklin Street Properties Corp., provides on-going asset management and financial reporting services to FSP 50 South Tenth Street Corp. for a fee. FSP 50 South Tenth Street Corp. operates in a manner intended to qualify as a REIT for federal income tax purposes. FSP 50 South Tenth Street Corp. is a public reporting company and all of its filings with the U.S. Securities and Exchange Commission are available at www.sec.gov.